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Increase in car plate bids
By Lu Nengneng |
July 22, 2012, Sunday
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Print Edition
Print Edition
SHANGHAI saw a 7 percent increase in the number of bidders for car license plates this month, although the average price paid remained almost unchanged.
This follows the introduction yesterday of a new car plate resale rule to deter scalpers.
The average price of a Shanghai car plate rose to 58,271 yuan (US$9,142), up just 44 yuan from its three-month low in June, said the Shanghai Commodity International Auction Co after yesterday's auction.
The city government released 9,500 car plates for auction, the same as last month, while the number of participating individuals increased 1,752 to 26,526 - the most in recent years.
Observers said the increase in bidders is linked to the traffic administration extending the period new car plates must be held from one to three years to curb speculative bidding.
"A longer lockup period means higher risks of price fluctuations, which could deter scalpers looking for a quick earner," said Justin Xu, a second-hand car dealer in Shanghai.
"The new policy also encouraged more ordinary bidders to take part," added Xu.
This follows the introduction yesterday of a new car plate resale rule to deter scalpers.
The average price of a Shanghai car plate rose to 58,271 yuan (US$9,142), up just 44 yuan from its three-month low in June, said the Shanghai Commodity International Auction Co after yesterday's auction.
The city government released 9,500 car plates for auction, the same as last month, while the number of participating individuals increased 1,752 to 26,526 - the most in recent years.
Observers said the increase in bidders is linked to the traffic administration extending the period new car plates must be held from one to three years to curb speculative bidding.
"A longer lockup period means higher risks of price fluctuations, which could deter scalpers looking for a quick earner," said Justin Xu, a second-hand car dealer in Shanghai.
"The new policy also encouraged more ordinary bidders to take part," added Xu.
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